HOA insurance is something that every homeowner’s association needs.
Whether the HOA manages an existing neighborhood or when a new building project is begun, HOA liability insurance is critical protection for the association and everyone who is a part of the HOA
With so many potential liabilities faced by these associations, a custom policy written by an experienced HOA insurance agency is a priority for every HOA.
What Is The Purpose of HOA Insurance?
HOA insurance provides liability protection for the HOA as an organization, plus its board of directors and homeowner members.
These policies provide essential liability coverage relating to common spaces in neighborhoods and condo buildings which is under the control of the HOA, with ownership shared by all owner members.
In the event that the Homeowner’s Association ends up liable for some sort of accident or damages, the HOA liability insurance that all members of the Association pay into covers it.
How Does HOA Liability Insurance Protect Property Owners?
A policy from an HOA insurance agency protects more than just the HOA itself.
In fact, having adequate HOA insurance is instrumental for also protecting the board members of the HOA from liability and even individual property owners, who could end up liable should an HOA have insufficient liability coverage.
It can also protect against liabilities against the builder that can unknowingly follow the transfer of property ownership to new homeowners.
Many home and condo owners are caught off-guard every year to learn that their assets can be affected when their HOA faces a lawsuit and ends up liable for damages.
Whether due to an accident, a bad decision by the HOA board, or even issues related to third parties employed by the HOA, liability can result in fines that fall on the HOA and its members, even the seizure of property.
Watch This Video About The Value of HOA Insurance
Brad Hurt, a partner at Service Insurance Group, discusses in this video the importance of HOAs meeting with an experienced HOA insurance agency to get a liability policy that will most effectively protect the HOA in its entirety, including all property owner members:
HOA Liability Insurance Is Critical Protection For All Community Members
Every HOA community, even from the construction planning phase, needs HOA liability insurance to protect its interests and those of each property owner within the community.
These detailed policies require the expertise of an insurance agency experienced in HOAs and the various perils they face.
A precise and effective HOA insurance policy is every homeowners association’s best protection for itself, its board members, and all owners of property within that community.
Need Help With HOA Insurance in Bryan Texas?
Contact Service Insurance Group About HOA Liability Insurance!
Call 979-300-7345 To Find Out More!
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